Dow rallies 1,000 points as Wall Street recovers some of March’s losses Stocks rose on Tuesday following new reports giving investors hope that the U.S.-Iran war could soon come to an end.
The Dow Jones Industrial Average
popped 514 points, or 1.1%. The S&P 500
gained 1.6%, and the Nasdaq Composite
advanced 2.1%.
The Wall Street Journal reported that President Donald Trump had told aides he was willing to end military hostilities in the Middle East even if the Strait of Hormuz remained largely shut. The New York Post later reported the president said he believes the Iran war will likely end soon, with other nations taking the lead in reopening the Strait of Hormuz.
Technology, which has been under pressure since the conflict began, rose broadly. The Technology Select Sector SPDR Fund (XLK)
traded almost 2% higher. Nvidia
climbed more than 3%, and Microsoft
advanced more than 1%.
“Any steps toward ending the war overall, the stock market likes, and so, you are getting that relief rally,” said Eric Diton, president at The Wealth Alliance. “But no, we’re not out of the woods.”
“The bottom line is, if we haven’t solved the oil problem, then that continues to put pressure,” Diton added.
Crude prices remained higher after Bloomberg reported that Iran struck a Kuwaiti oil tanker in Dubai waters. The Dubai government’s media office said in a post on X that no injuries were reported and that “the safety of all 24 crew members has been secured.”
Brent crude futures
were up 5% to trade above $119 per barrel, and West Texas Intermediate futures
moved higher by 1% to above $104 per barrel.The Nasdaq Composite remains in a correction, more than 11% off its recent high. The Dow Jones Industrial Average and the S&P 500 are down by more than 9% and 8%, respectively, within a stone’s throw of correction territory themselves.
Tuesday marks the final day of the month. The S&P 500 is down more than 6% in March. If that decline holds, it would be the benchmark’s worst monthly performance since September 2022 — when it plunged 9.3%. The Dow as well as the Nasdaq have also fallen more than 6%, and the former is set to snap a 10-month winning streak.
The major averages are likewise on pace to post a losing quarter. The Nasdaq is leading the way among the three indexes in losses for the period, down almost 9%. The S&P 500 and the Dow have dropped nearly 6% and almost 5%, respectively.
